Pet leasing is the practice of leasing a pet, usually a dog, to a customer on a contract basis. The practice is controversial, because some customers believed they were taking out loans to buy a pet when, in fact, they were only leasing an animal that could be repossessed by the lender in the event that payments were not kept up.
The process of leasing a pet typically starts in a retail pet store, but the loan is made by a third-party contractor. The revenue model for pet leasing is the same as car leasing. The borrower enters a contract, typically for two years, and agrees to monthly payments. The lender typically requires proof of income, which may be as low as $1000 a month.
Controversy
The state governments of New York, California, Nevada, Washington, Indiana, Virginia and New Jersey have banned pet leasing. And a similar ban on pet leasing has passed the Rhode Island state house of representatives. In Connecticut, State Senate Republican President Pro Tempore Len Fasano has introduced legislation that would similarly ban pet leasing in his state. Dog leasing is illegal in Massachusetts.
According to several news sources, some lessees of pets believed they were buying their pets and were surprised to discover that they were only on loan.
The American Kennel Club "supports a ban on predatory pet leasing schemes that victimize potential owners, undermine a lifetime commitment to a pet, and do not confer the rights and responsibilities associated with legal ownership of a pet." Pet leasing has also been decried by the American Society for the Prevention of Cruelty to Animals (ASPCA), which has called for a state-by-state ban.
References
- News, CBS. "Animal lovers decry "pet leasing" contracts". Retrieved 2018-08-01.
{{cite news}}:|last=has generic name (help) - Kosuda, Kelley (August 2018). "Michigan families tricked into leasing expensive dogs they..." www.clickondetroit.com. Retrieved 2018-08-01.
- "Animal Lovers Claim Stores Duped Them Into Signing 'Pet Leasing' Contracts". 2018-07-30. Retrieved 2018-08-01.
- Davis, Amy. "Is pet leasing more bark or bite?". www.click2houston.com. Retrieved 2018-08-01.
- "Lender threatens to take dog back after saying woman was only leasing him". ABC News. 8 August 2018. Retrieved 3 March 2019.
- "Can having a pet ruin your credit score?". theweek.com. 7 May 2017. Retrieved 3 March 2019.
- "Pet leasing: The latest in predatory lending – Animal Rights Channel". animalrightschannel.com. Archived from the original on 2018-08-02.
- "Bill Passes Making New York the 3rd State to Ban Pet Leasing". US News & World Report. 14 June 2018. Retrieved 17 July 2023.
- "LIS Virginia Law - Code of Virginia (§ 3.2-6513.2. Rental or lease of dog or cat prohibited; civil penalty)". Virginia Government - (Legal Information System (LIS). 2020.
- "Report warns of 'pet leasing' contracts". KRDO. 2018-07-30. Retrieved 2018-08-01.
- ChrisS. "RI House of Reps Passes Bill Banning "Forever Pets"". GoLocalProv. Retrieved 3 March 2019.
- "Bill to Prohibit Pet Leasing Clears Rhode Island House". US News & World Report. 3 June 2018. Retrieved 17 July 2023.
- Journal, A. B. A. "Dog on a lease? Woman surprised to learn pet she paid for was a rental". ABA Journal. Retrieved 3 March 2019.
- AG's Office Takes Action Against Illegal Dog Leasing 4/29/2021
- Company settles dog-leasing allegations for more than $900K 4/13/2022
- "Cats and Dogs for Lease, Suckers for Buyers". voicesofmontereybay.org. Retrieved 3 March 2019.
- ""Pet Lending in New York", NewsDay, August 14, 2018". Retrieved 17 July 2023.
- Karin Brulliard (2021-10-28) . "Pet brokers are leasing puppies — and people are feeling scammed". The Washington Post. Washington, D.C. ISSN 0190-8286. OCLC 1330888409.
- "AKC Board Addresses Predatory Pet Leasing". American Kennel Club. Retrieved 3 March 2019.
- "Beware of "Puppy Leasing"". ASPCA. Retrieved 3 March 2019.